Advisors Preferred LLC Lowers Stock Holdings in Carpenter Technology Corporation (NYSE:CRS)

Advisors Preferred LLC decreased its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 22.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,734 shares of the basic materials company's stock after selling 1,405 shares during the period. Advisors Preferred LLC's holdings in Carpenter Technology were worth $865,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of the stock. M&T Bank Corp increased its stake in Carpenter Technology by 3.9% during the 1st quarter. M&T Bank Corp now owns 1,541 shares of the basic materials company's stock worth $279,000 after buying an additional 58 shares in the last quarter. Versant Capital Management Inc grew its position in Carpenter Technology by 27.3% in the first quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock worth $65,000 after acquiring an additional 77 shares during the period. Bessemer Group Inc. boosted its position in shares of Carpenter Technology by 50.3% during the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock worth $42,000 after buying an additional 77 shares during the period. Fifth Third Bancorp boosted its position in shares of Carpenter Technology by 13.6% during the first quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock worth $118,000 after buying an additional 78 shares during the period. Finally, Mission Wealth Management LP boosted its position in shares of Carpenter Technology by 4.0% during the first quarter. Mission Wealth Management LP now owns 2,008 shares of the basic materials company's stock worth $364,000 after buying an additional 78 shares during the period. Hedge funds and other institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Up 1.3%

Carpenter Technology stock traded up $3.57 during midday trading on Friday, reaching $276.54. The company's stock had a trading volume of 581,405 shares, compared to its average volume of 909,341. Carpenter Technology Corporation has a fifty-two week low of $119.69 and a fifty-two week high of $290.84. The company has a quick ratio of 1.89, a current ratio of 3.75 and a debt-to-equity ratio of 0.39. The company has a market cap of $13.77 billion, a P/E ratio of 39.17, a P/E/G ratio of 0.90 and a beta of 1.39. The business has a 50-day simple moving average of $258.25 and a 200-day simple moving average of $214.50.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.14. The company had revenue of $727.00 million for the quarter, compared to analyst estimates of $729.67 million. Carpenter Technology had a return on equity of 21.16% and a net margin of 12.26%. The business's quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.19 earnings per share. On average, research analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology declared that its board has initiated a share buyback program on Thursday, April 24th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to buy up to 4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Insider Activity

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of the firm's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $243.72, for a total transaction of $243,720.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director I Martin Inglis sold 3,433 shares of the firm's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total value of $678,566.78. Following the transaction, the director directly owned 6,732 shares in the company, valued at approximately $1,330,647.12. The trade was a 33.77% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.90% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Benchmark raised their price target on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. JPMorgan Chase & Co. raised their price target on Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a research note on Tuesday, June 17th. Finally, Cowen restated a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $278.33.

About Carpenter Technology

Carpenter Technology Corporation engages in the manufacture, fabrication, and distribution of specialty metals in the United States, Europe, the Asia Pacific, Mexico, Canada, and internationally. It operates in two segments, Specialty Alloys Operations and Performance Engineered Products. The company offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as additives, and metal powders and parts.